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The Debt Collective Profile picture
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29 Oct, 4 tweets, 2 min read
Exciting news today! We have purchased—and erased—$3M of private probation debt for over 20,500 debtors. This particular debt is gone, and with no strings attached. We've revived our Rolling Jubilee effort of abolishing debts that shouldn't exist!

Thread.
debtcollective.org
For less than $100,000, we bought over $3 million of debt — essentially 3 cents on the dollar — or 97% off. Our debts are sold on a market while we struggle to pay. So in an act of solidarity, we abolished this illegitimate debt for 20,000+ mostly Mississippians and Floridians. Image
We believe the entire prison industrial complex needs to be abolished—and debt for our own incarceration is wrong. This will take more than us buying debt. We'll have to organize. That's why TODAY we're launching an ABOLISH BAIL DEBT TOOL for Californians.
essence.com/news/nonprofit…
This is truly good news—and only possible because of our debtors union. When debtors band together, we can demand and win discharges of debts. The absolute BEST WAY you can be helpful is by joining our union and/or contributing whatever you can.
Join!
debtcollective.org/debt-union

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More from @StrikeDebt

The Debt Collective Profile picture
30 Oct
If your debt gets cancelled it will be in large part to people like Eileen Connor @ei_conn whose contribution really should have been included in this story. She's already cancelled billions of dollars of debt for millions of people. newyorker.com/news/news-desk…
Eileen gives the clearest explanation anyone has yet given for the the legal authority to cancel student debt here
For the more technical version, here is the memo @ei_conn wrote with @tobmer and Deanne Loonin that became the basis for @ewarren's plan for mass student debt cancellation.
assets.ctfassets.net/4ubxbgy9463z/2…
Read 4 tweets
The Debt Collective Profile picture
29 Oct
Look what we found!

The White House been sitting on the legal memo about their authority to cancel student debt since April 8. It is six pages long. No more excuses it is time to #CancelStudentDebt

newyorker.com/news/news-desk…
newyorker.com/news/news-desk…
It's time for us to take direct action to force Biden's hand.
actionnetwork.org/forms/sign-up-…
Read 5 tweets
The Debt Collective Profile picture
16 Sep
Ten years ago, activists took to Zuccotti Park in Downtown Manhattan — Occupy Wall Street. A lot of the social consciousness and left-wing ideas we know today were birthed in this moment. Thread—
Today, despite conservative and neoliberal naysayers who dismissed Occupy as a failure, the Debt Collective is one of many tangible and impactful offshoots of the 2011 uprising...
an uprising that has consistently challenged the notion of “who owes what to whom,” won billions of dollars in student debt cancelation for tens of thousands of everyday people, and formed the nation’s first debtors’ union. This matters.

> debtcollective.org
Read 11 tweets
The Debt Collective Profile picture
15 Sep
People simply cannot afford their student loans. With high cost of college attendance and skyrocketing interest rates, it's literally impossible to pay them back. Biden can cancel ALL federal student debt with the stroke of a pen, radically transforming our lives and economy.
A union of debtors can assert power and threaten collective action — what we call economic disobedience — by refusing to pay our debts. Can't Pay? Won't Pay.

Join our union
Debtcollective.org
Take action here: actionnetwork.org/letters/cancel…
Read 4 tweets
The Debt Collective Profile picture
12 Jan
Everyone knows the student debt crisis is hurting young people, but it’s also hurting our seniors. The government can garnish up to 15% of your social security payments to collect on student loan debt, hampering one of the greatest anti-poverty programs in the country.

Thread.
While credit card companies and other lenders can’t touch social security checks, the Department of Education can garnish someone’s check if they default. And guess what – nearly 40% of people over the age of 65 are in default, meaning they can’t afford to pay back their loans.
The number of Social Security recipients 65 and older who had their check reduced due to defaulted federal student loans increased by more than 500% between 2002 and 2015. Imagine you’re on a fixed income from your monthly $1,000 check. Then boom, $150 is taken away. How cruel.
Read 5 tweets
The Debt Collective Profile picture
16 Dec 20
In anticipation of @JoeBiden cancelling all federal student loans, I just consolidated all of my FFEL loans into direct loans.

@Navient is now showing that my total amount of debt is DOUBLE. They are counting both the old FFEL loans and the new consolidated Direct Loans.
Every single part of our system is broken and cruel. All the more reason to cancel ALL student debt.

This debt never should have existed in the first place and the system cannot be reformed or fixed. It just shouldn't exist anymore at all.
@Navient also is listing the due date for the new consolidated direct loans as 01/01/2021 even though the moratorium is extended through 01/31/2021

Maybe what they mean here is that there is $0 due on that date, but even so highly confusing and anxiety inducing.
Read 7 tweets

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